NFP 1.2 Questions and Answers 100%
Correct
Which of the following would be considered "contribution revenue or support" of a not-for-profit
organization under FASB standards?
Multiple Choice
Gain on disposal of capital assets.
Money received from a fund-raising campaign.
Money received from rental of surplus office space.
Investment earnings. Money received from a fund-raising campaign.
,In accordance with FASB standards, securities donated to a not-for-profit organization should be
recorded at the:
Multiple Choice
Donor's recorded amount.
Fair value at the date of the gift, or the donor's recorded amount, whichever is lower.
Fair value at the date of the gift, or the donor's recorded amount, whichever is higher.
Fair value at the date of the gift. FV
, Which of the following would be reported as an Asset with Restrictions on Use? A cash
contribution for a program activity, such as diabetes research.
A cash contribution for a new building.
Correct
Cash restricted by debt covenants with lenders.
Under FASB standards, which of the following contributions would not have to be reported as an
asset on the statement of financial position of a not-for-profit organization?
Multiple Choice
Land was donated to the Friends of the Forest Society for conversion into a nature trail.
Correct
Which of the following would be considered "contribution revenue or support" of a not-for-profit
organization under FASB standards?
Multiple Choice
Gain on disposal of capital assets.
Money received from a fund-raising campaign.
Money received from rental of surplus office space.
Investment earnings. Money received from a fund-raising campaign.
,In accordance with FASB standards, securities donated to a not-for-profit organization should be
recorded at the:
Multiple Choice
Donor's recorded amount.
Fair value at the date of the gift, or the donor's recorded amount, whichever is lower.
Fair value at the date of the gift, or the donor's recorded amount, whichever is higher.
Fair value at the date of the gift. FV
, Which of the following would be reported as an Asset with Restrictions on Use? A cash
contribution for a program activity, such as diabetes research.
A cash contribution for a new building.
Correct
Cash restricted by debt covenants with lenders.
Under FASB standards, which of the following contributions would not have to be reported as an
asset on the statement of financial position of a not-for-profit organization?
Multiple Choice
Land was donated to the Friends of the Forest Society for conversion into a nature trail.
